24 companies, consortia qualify to compete for exploration licenses in 3 mineralized belts: MIMR

The Ministry of Industry and Mineral Resources (MIMR) said 24 local and international companies and consortia have qualified to compete for exploration licenses across three mineralized belts.

This follows the completion of technical and financial evaluation and review processes, and the start of the multi-round auction phase.

According to the MIMR statement, this step is part of efforts to accelerate mineral exploration activity and maximize the utilization of the Kingdom’s mineral resources, estimated at around SAR 9.4 trillion.

Ministry spokesperson Jarrah AlJarrah stated that the mineral belts cover a total area of 13,000 square kilometers across five regions: Madinah, Makkah, Riyadh, Al-Qassim, and Hail.

He added that the competition includes newly offered exploration sites that extend previously tendered belts.

These include the Nabita/Al-Duwaihi belt “Dahlat Shabib”, which contains the Ad-Duwayhi Mine producing around 180,000 ounces of gold annually.

It also includes the SUKHAYBRAH/AS SAFRA -Belt, which is considered promising for gold, copper, silver, zinc, and nickel, and features advanced projects such as the Sukhaybarat and Balgha mines, as well as the Nuqrah Belt, known for significant gold deposits and volcanic massive sulfide mineralization rich in copper and zinc.

AlJarrah noted that the list of qualified competitors includes 17 participants from the previous round, in addition to 7 new entrants who recently passed the pre-qualification stage.

He said the return of previously qualified participants reflects the attractiveness of mining opportunities in Saudi Arabia and investor confidence in the transparency and efficiency of the bidding and qualification processes.

He explained that the guidelines for competitive rounds stipulate that the validity of pre-qualification results extends for a full calendar year, allowing qualified bidders to participate in subsequent rounds during this period, which enhances procedural efficiency and ensures continuous participation in upcoming opportunities.

The list of newly pre-qualified competitors includes Saudi Arabian Mining Co. (Maaden), PT ANTAM Tbk, Power Metallic Mines Inc., Wildsky Resources Inc., the consortium of Danakali Limited and Emerald Sources Mining Co., the consortium of Anaam Al-Qarat Trading Co. and Sahara Mining Co. Ltd., and Thurb Al-Hayya for Trading Co.

The list also includes pre-qualified participants from previous rounds such as Vedanta Limited, Sierra Nevada Gold, Midana Exploration Pty Ltd, Jacaranda Minerals Pty Ltd, Royal Road Arabia, and The Distinguished Consortium Mining Co.

Additional companies include Sun Peak Metals, Eleed-Indotan Mining Company, DesertEx Pty Ltd, Helderberg Limited, Al Tasnim Enterprises LLC, a branch of China National Geological & Mining Corporation, Aurum Global Group, Batin Al Ard for Gold Co., Almasar Minerals Holding Limited, Saudi Gold Refinery (SGR) Co., and Al Ghazal Al Arabi Mining Co.

Mining exploration license competitions in the Kingdom proceed through three main stages, according to updated mechanisms adopted by the ministry to ensure transparency and equal opportunity.

The process begins with pre-qualification, during which companies are evaluated based on technical and financial capabilities and qualified bidders are announced.

This is followed by the publication of guidance documents and site selection, where competition details are released and qualified bidders select the sites they wish to compete for via the digital “Tadeen” platform.

The third stage is the open multi-round competition, applied when more than one bidder applies for the same site.

Bidding is based on competitive offers linked to exploration spending commitments, with licenses awarded to the winning bidders according to clear and transparent criteria.

In the next phase, qualified bidders will be required to select available sites through the digital platform under strict criteria ensuring transparency and equal opportunity, enabling companies to assess opportunities and choose sites best aligned with their technical and investment capabilities.

This mining competition is part of the Ministry’s broader efforts to develop the mining sector as a key pillar of economic diversification, increase exploration spending, attract high-quality investments, and maximize the utilization of the Kingdom’s mineral resources, according to the ministry’s statement.